Ghana Transaction Update
November 11 2021 - 10:14AM
Business Wire
Kosmos Energy (NYSE/LSE: KOS) (“Kosmos” or the “Company”)
announced that it has received notice from Tullow Oil plc and
PetroSA that they intend to exercise their pre-emption rights in
relation to the sale of Occidental Petroleum’s interests in the
Jubilee and TEN fields in Ghana to Kosmos, announced October 13,
2021.
The exercise of pre-emption rights is subject to finalizing
definitive agreements with Kosmos/Anadarko WCTP Company and
requires approval from GNPC and the Ghanaian Ministry of Energy. If
completed, Kosmos’ ultimate interest in Jubilee would be reduced by
3.8% to 38.3% (Kosmos retains ~80% of the original acquired
interest), and Kosmos’ ultimate interest in TEN would be reduced by
8.3% to 19.8% (Kosmos retains ~25% of the original acquired
interest).
Consideration due to Kosmos would be approximately $150 million
based on the headline purchase price of $550 million and is subject
to certain closing adjustments. Kosmos would anticipate using any
potential proceeds to accelerate debt repayment.
If pre-emption is completed, Kosmos will provide a further
update to the market in due course.
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas
exploration and production company focused along the Atlantic
Margins. Our key assets include production offshore Ghana,
Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class
gas development offshore Mauritania and Senegal. Kosmos is listed
on the New York Stock Exchange and London Stock Exchange and is
traded under the ticker symbol KOS. As an ethical and transparent
company, Kosmos is committed to doing things the right way. The
Company’s Business Principles articulate our commitment to
transparency, ethics, human rights, safety and the environment.
Read more about this commitment in our Corporate Responsibility
Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that Kosmos
expects, believes or anticipates will or may occur in the future
are forward-looking statements. Kosmos’ estimates and
forward-looking statements are mainly based on its current
expectations and estimates of future events and trends, which
affect or may affect its businesses and operations. Although Kosmos
believes that these estimates and forward-looking statements are
based upon reasonable assumptions, they are subject to several
risks and uncertainties and are made in light of information
currently available to Kosmos. When used in this press release, the
words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will”
or other similar words are intended to identify forward-looking
statements. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
Kosmos, which may cause actual results to differ materially from
those implied or expressed by the forward-looking statements.
Further information on such assumptions, risks and uncertainties is
available in Kosmos’ Securities and Exchange Commission (“SEC”)
filings. Kosmos undertakes no obligation and does not intend to
update or correct these forward-looking statements to reflect
events or circumstances occurring after the date of this press
release, except as required by applicable law. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement.
Management does not provide a reconciliation for forward looking
non GAAP financial measures where it is unable to provide a
meaningful or accurate calculation or estimation of reconciling
items and the information is not available without unreasonable
effort. This is due to the inherent difficulty of forecasting the
occurrence and the financial impact of various items that have not
yet occurred, are out of our control or cannot be reasonably
predicted. For the same reasons, management is unable to address
the probable significance of the unavailable information. Forward
looking non GAAP financial measures provided without the most
directly comparable GAAP financial measures may vary materially
from the corresponding GAAP financial measures.
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version on businesswire.com: https://www.businesswire.com/news/home/20211111005798/en/
Investor Relations Jamie Buckland +44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations Thomas Golembeski +1-214-445-9674
tgolembeski@kosmosenergy.com
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